$749,000 GREY
547 N Fletcher Rd, Gibsons
2 bd · 1.0 ba · 900 sqft
· 14,539 sqft lot
· built 1948
· 32 DOM · MLS R3158970
Ocean viewWaterfront
Oil-tank era
Listing: Redfin search · fetched 2026-09-27T19:15
Description
Set in the heart of Lower Gibsons, 547 N. Fletcher offers the kind of fundamentals buyers look for but rarely find together: ocean, marina and island views, a walkable location close to the waterfront, shops, cafés and restaurants, and a substantial 14,539 sq. ft. RM-2 zoned lot with long-term flexibility. The 1948 home offers a starting point for the right buyer willing to renovate, rent, hold, or plan for the future. Whether viewed as a project property, a strategic land holding, or a future redevelopment opportunity, this is a chance to secure a larger Lower Gibsons parcel in one of the Coast’s most desirable pockets. Buyer to verify all development potential with the Town o
From listing remarks (Royal LePage Sussex)
Rating 2 /100
| Equity | 0/40 | -192,005 vs limit (-26.6% of ARV) | |
| Cash flow | 0/30 | -1,396/mo | |
| Suite-arb | 0.0/15 | no suite path | |
| Motivation | 2.5/15 | 37d on market, no cuts — anchored seller, asking 123% of assessed |
Offer case
Price can't fix this. rent test — needs 2,882/mo vs 2,706 estimated. Price cannot fix this; only higher rent (a suite) or a lower ARV would.
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- Asking only 123% of assessed value — a genuine discount to the roll, not the usual 1-2%.
- Asking $832/sqft where comparable homes sold at $545/sqft (+53%) — the ask is above the local clearing price.
- ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.
Support score 0.3 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $749,000 + $40,000 + $15,480 = $804,480
ARV = $720,559 → limit = 85% × ARV = $612,475
margin = $-192,005 · at band low ($627,304): $-271,272 — GREEN needs this ≥ 0
Rent — FAIL
est. rent >= 0.40% x ARV
est. rent = $2,706/mo (whole house (2bd) $2,706)
floor = 0.4% × ARV $720,559 = $2,882/mo
rents table: Gibsons · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,001 (loan $599,200 @ 4.4%/30y)
+ tax $401 (mls) + ins $158 + maint $135 + vac $162 + PM $244
carrying = $4,102/mo · rent $2,706 → cash flow = $-1,396/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RM-2 suite:no · sqft 900 (min 1,900)
suite language: no · $/sqft 832 vs median 494
Scored 2026-10-02T05:55 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $2,706 typical self-managed |
$2,706 typical PM |
$2,993 high self-managed |
$2,993 high PM |
|---|---|---|---|---|
| $749,000 | −$1,152 | −$1,396 | −$897 | −$1,166 |
| $711,550 −5.0% | −$1,002 | −$1,245 | −$746 | −$1,016 |
| $685,335 −8.5% | −$897 | −$1,140 | −$641 | −$911 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $720,559
range $627,304 – $917,162
(about half of comparable sales landed inside this band)
median $/sqft of 4 renovated size-matched sales (4 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low
($/sqft used: 707)
Cross-check: comps say $636,300, BC Assessment × sale ratio says $917,162 (-31% apart — disagreement this large triples comp error historically)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 4657 Whitaker Rd | 16.42 km | 1,104 | ~$781,022 | 707 | 2025-10-08 | ✓ |
| 5808 Anchor Rd | 20.49 km | 1,056 | ~$780,144 | 739 | 2026-02-20 | ✓ |
| 6472 Jasper Rd | 22.56 km | 1,163 | ~$750,852 | 646 | 2026-07-01 | ✓ |
| 5625 O'brian Rd | 31.63 km | 856 | ~$868,020 | 1,014 | 2026-03-06 | ✓ |
| ~ = final list price × measured sale ratio (BC title registration lags ~3 years, so recent solds have no registered price; the proxy is within ~2% of the registered price when both exist) | ||||||
Solds from Redfin sold-search + public-records sale prices (belowTheFold)
Price & sale history
Seller basis: $52,000, 1988-12-12 — asking +1340.4%
| 2026-08-26 | new | 749000 first seen at $749,000 |
| 2026-08-26 | Listed | $749,000 GVR |
| 1988-12-12 | Sold (Public Records) | $52,000 Public Records |
| 1979-02-15 | Sold (Public Records) | $34,500 Public Records |
| 1973-07-15 | Sold (Public Records) | $25,900 Public Records |
History: Redfin belowTheFold · fetched 2026-09-27T19:16
· events observed by Coastwatch
Zoning & land
RM-2 — RM-2 - Medium-Density Residential Lower Gibsons Zone no suite / unknown
Manufactured home park in Areas B/D/E/F (s.7.5.2) — no single-unit dwelling permitted, so no suite. Area A RM2 is multi-family/duplex with a yacht club; Sechelt RM-2 is a manufactured home park allowing only one caretaker dwelling; Gibsons RM-2 is apartments and townhouses. None of these is a detached-house buy. [Bylaw 722.9 s.7.5.2; Bylaw 337 s.711.1; Bylaw 580 s.1.8.2-1.8.3; gibsons.ca Bylaw 1342 s.2.2.4]
- Aquifer Protection DPA: Aquifer Protection Sub Area 2 — Aquifer protection DPA: septic siting and well drilling are constrained.
- Form and Character DPA: DPA 5 Multi-Unit Residential — Form-and-character DPA: exterior design must be approved. Adds time to any visible exterior change, but rarely blocks an interior suite.
| PID | 010-379-797 |
|---|---|
| Parcel | 547 FLETCHER RD (Gibsons) |
| Wastewater | Town of Gibsons sewer service |
| Water | Gibsons Zone 2 - Gibsons Aquifer system |
| Fire protection | Gibsons/West Howe Sound FPA |
Town of Gibsons Zoning Bylaw (current, via Property Viewer service) · fetched 2026-08-26T19:16 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $919,000 |
|---|---|
| Land / improvements | $872,000 / $47,000 (95% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.23 asking under assessment |
| BCA folio | 524.00579.000 |
BC Assessment via SCRD parcel layer · fetched 2026-08-26T19:16
Open questions
- Built 1948 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- Aquifer Protection DPA: Aquifer Protection Sub Area 2: Aquifer protection DPA: septic siting and well drilling are constrained.
- Form and Character DPA: DPA 5 Multi-Unit Residential: Form-and-character DPA: exterior design must be approved. Adds time to any visible exterior change, but rarely blocks an interior suite.
- 32 days on market — ask the listing agent why it hasn't moved.